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What is the difference between property ownership in joint tenancy from ownership in tenants in common?

April 26, 2017common difference Joint ownership Property tenancy tenants

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What is the difference between property ownership in joint tenancy from ownership in tenants in common?

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Joint tenancy ownership provides for the “automatic” transfer of the interest from the registered owner who dies to the other surviving registered owner(s). To do this, we file a death certificate in the Land Title Office. The property interest of the deceased owner does not form part of her/his Will. Tenants in common ownership provides specific percentage of ownership (eg. 50/50, 30/30/40). The owner’s registered interest is transferred in accordance with instructions provided in her/his WIll. Read more…